🇦🇪 BIG: Dubai unveils its new Financial Sector Strategy, naming Virtual Assets as a key pillar and aiming to grow the sector to 3% of GDP, around AED 13B.VARA-regulated entities recorded AED 2.5T in transactions YTD, while AUM rose to AED 9.6B. https://t.co/ZdkeueKdAC ...

The personal finance platform's gross margin rose by 16 percentage points in the second quarter, as it focused on its higher-margin insurance and wealth segmentsKey Takeaways:MoneyHero's adjusted EBITDA showed strong sequential improvement in the second quarter as it concentrated on higher-margin products and achieving greater efficienciesUnder a CEO appointed last year, the company's shares have rallied on growing investor confidence in its path to profitability.After spending most of its life advising oth ...

Regulatory Updates - Hong Kong's Securities and Futures Commission (SFC) has mandated stricter custody regulations for virtual asset platforms [1]

Core Viewpoint - Future FinTech Group Inc. is taking significant steps to expand its financial services by applying for a Hong Kong Type 1 Virtual Asset Service Provider license, which will enhance its capabilities in the emerging fintech sector [1][2][4]. Group 1: Company Developments - Future FinTech's subsidiary, Future Securities, has signed a commission agreement with a compliance consultant to assist in applying for the VASP license and a Type 9 Asset Management License [1][2]. - The application for the VASP license is part of a broader strategy to enhance the company's service offerings in the virtual asset market, which is experiencing rapid growth [4][5]. - Future Securities has established a dedicated team to ensure compliance and effective preparation of application materials, collaborating with legal and compliance advisors [6]. Group 2: Market Context - The global virtual asset market is expanding, attracting significant attention and opportunities, particularly in Hong Kong, which is recognized for its strong regulatory framework and proactive approach to virtual assets [4][5]. - The VASP license will allow Future Securities to operate within a compliance framework, providing clients with diversified investment options and enhancing the company's market competitiveness [5][7]. Group 3: Strategic Vision - The CEO of Future FinTech emphasized that obtaining the VASP license is a strategic move that will enhance the company's reputation and customer trust while allowing it to capitalize on opportunities within Hong Kong's financial ecosystem [7][8]. - Future Securities aims to innovate in the virtual asset field while leveraging its strengths in traditional finance to build a unique service platform [8][9].

Regulatory Framework - Pakistan establishes the Pakistan Virtual Assets Regulatory Authority to regulate and oversee its crypto sector [1] Objectives - The goal is to protect consumers [1] - The goal is to attract global investment [1]

TF International Securities is seeking regulatory approval to offer a wide range of virtual asset-linked services in Hong Kong and kick-start growth outside the traditional brokerage business, sources say https://t.co/advWBZj2Hm ...

Core Viewpoint - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, allowing clients to trade cryptocurrencies and stablecoins directly on its platform [1][5]. Company Summary - Guotai Junan International is now the first Chinese broker in Hong Kong to offer comprehensive virtual asset trading services, including trading, advisory, and issuance of related products [5]. - Following the announcement, Guotai Junan International's stock surged over 60%, with an intraday increase exceeding 100% [1][5]. Industry Summary - The approval for virtual asset trading is expected to significantly enhance the valuation of financial companies involved in stablecoins, as seen with Everbright Holdings, which saw a stock price increase of over 50% due to rumors of its stake in Circle [4][5]. - Stablecoins are anticipated to transform the role of brokerages from mere transaction facilitators to asset securitization engines and cross-border clearing hubs, which could positively impact their valuations [4][6]. - The current stablecoin market is valued at approximately $220 billion, with projections suggesting it could grow eightfold to $2 trillion in the next three years, potentially influencing the short-term treasury market significantly [8].